The UK has adopted structured reporting for annual financial reports in keeping with an EU legislation called the European Single Electronic Format (ESEF). The Financial Conduct Authority (FCA) governs compliance with ESEF regulations in the UK. Find out all about the FCA mandate and what ESEF reporting involves. Also, find out why Fin-X Solutions® is your ideal compliance partner for high-quality and flexible iXBRL reporting.
The Timelines
UK companies submitted their first mandatory ESEF annual reports in 2022 – one year later than most of their EU counterparts. The FCA had allowed UK companies a one-year extension on ESEF requirements.
Who Needs to Comply?
Companies with transferable securities trading on UK regulated markets must file their annual reports in iXBRL format. The documents must be submitted to the FCA’s National Storage Mechanism (NSM).
The Requirements
To prepare iXBRL annual reports, companies must tag their disclosures with machine-readable elements picked from a taxonomy (a digital dictionary). UK companies may choose between the ESEF and UKSEF taxonomies.
The Mandate
Some Salient Points
The ESEF iXBRL mandate places structured reporting requirements on UK-listed companies. Structured reports are machine-readable, which makes them easier to access, analyze, and compare. Unstructured reports, by contrast, lock vital information in static formats such as PDFs.
1 Format for Digital Reporting
4600+ Filers in th EU and the UK
2 Taxonomy Options in the UK
WHAT DOES COMPLIANCE WITH THE FCA ESEF MANDATE INVOLVE?
The FCA ESEF mandate requires UK-listed companies to prepare annual reports in the xHTML web browser format.
Companies following IFRS Standards have an additional requirement to comply with. They need to tag or label their financial statement disclosures with machine-readable elements found in the ESEF/UKSEF taxonomies.
The ESEF Taxonomy is a collection of such machine-readable elements. The UKSEF Taxonomy is based on the ESEF Taxonomy but includes additional UK-specific elements.
In case companies need to make entity-specific disclosures with no matching element in the ESEF or UKSEF taxonomies, they may form customized tags known as extension elements. ESEF rules require such extensions to be anchored to base taxonomy elements with the nearest accounting meaning.
WHAT DOES COMPLIANCE WITH THE FCA ESEF MANDATE INVOLVE?
The FCA ESEF mandate requires UK-listed companies to prepare annual reports in the xHTML web browser format.
Companies following IFRS Standards have an additional requirement to comply with. They need to tag or label their financial statement disclosures with machine-readable elements found in the ESEF/UKSEF taxonomies.
The ESEF Taxonomy is a collection of such machine-readable elements. The UKSEF Taxonomy is based on the ESEF Taxonomy but includes additional UK-specific elements.
In case companies need to make entity-specific disclosures with no matching element in the ESEF or UKSEF taxonomies, they may form customized tags known as extension elements. ESEF rules require such extensions to be anchored to base taxonomy elements with the nearest accounting meaning.
How We Support Organizations in the UK with FCA ESEF iXBRL Reporting?
Outsource Your Reporting
If ESEF iXBRL tagging seems burdensome, let our experts handle it for you. All you need to do is review the tagging and sign off on your iXBRL reports before they are filed.
Our Compliance Product
For complete control over your ESEF reporting, opt for an IRIS CARBON® license. Our experts will train your team to use the SaaS solution for high-quality iXBRL reporting.
Choose Our Hybrid Offering
Want the best of both our solution and expert support? Choose the hybrid mode and let our experts handhold your team for a year to prepare them for future ESEF filings.
Why Fin-X Solutions®?
Fin-X Solutions® is your best bet for high-quality FCA ESEF reporting in the UK. We have facts to back up this claim. Read them below.
High-quality iXBRL Reporting
Fin-X Solutions® has an unparalleled record of facilitating high-quality iXBRL reporting. We are consistently ranked #1 in third-party assessments on digital data quality.
Unlimited Expert Support
Consider our XBRL experts an extension of your compliance team. Our professionals are available anytime you need them for assistance with your ESEF compliance process.
Experience You Can Bank On
We have over 17 years of experience in regulatory reporting and compliance. We have been working with XBRL right from when the data standard was introduced to the world.
Easy Compliance Options
Choose Fin-X Solutions® because of the flexible ESEF compliance options we provide: Outsourcing, In-house reporting, and a hybrid mode that combines the former two.
I’m impressed by the work you delivered on our 2019 iXBRL. A very positive experience on the training – both in terms of your knowledge of the content, as well as your availability and flexibility! Whenever I raised a question, you responded always quickly and accurately.
Kirsten Cobbaert
IRIS CARBON® is extremely user-friendly and makes it very easy to conduct a review of the ESEF tags. I was impressed with the detailed training sessions that had a practical focus and will help with the iXBRL review process in the future. Customer support is delivered in a very committed manner. I would highly recommend an IRIS CARBON® experience.
Sabine Chambon
I wish to express my gratitude to the IRIS team for their engagement and professionalism in supporting Eni with the ESEF mandate.
Roberto Nardi
IRIS CARBON® stood out from the other iXBRL conversion software products I have seen. The platform is easy to follow and use. The review functions are simple, allowing quick and easy checking of iXBRL tagging, ESEF taxonomy, and Company taxonomy as well.
Riku Järvelä
We chose IRIS CARBON® since we wanted an outsourcing option for publishing iXBRL in English, French, and Dutch.
Guy Provoost
We selected IRIS CARBON® for our ESEF iXBRL conversion, since IRIS is a global firm with deep experience in XBRL/iXBRL, great quality of filings, service delivery, and importantly, offers their service and solution at a very attractive price.
Johan Segers
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